SA Company News:
The Johannesburg Stock Exchange All-Share Index closed flat at 75 835 with gains in retail giant Woolworths, adding more than 5% and Naspers up 3%.The rally in the Woolworths’ share price came on speculation that it may sell their Australian department store, David Jones. According to an Australian newspaper report Woolworths had been in talks with investment bankers about the potential sale.Royal Bafokeng Platinum announced that it will not appeal the Takeover Regulation Panel’s decision regarding Northam Platinum’s acquisition and that the only offer currently open for consideration by the Company’s shareholders, is the mandatory offer by Impala Platinum Holdings Limited.PSG Konsult said in a trading statement that headline earnings per share will be between 69.2 cents and 70.2 cents, being between 31% and 33% higher for the year ended 28 February 2022. PSG Konsult’s financial results for the year ended 28 February 2022 are expected to be published on Wednesday, 13 April 2022.
The government has opted to sell off South Africa’s strategic oil stocks to compensate for the revenue forfeited to provide a temporary drop in the fuel levy. The sale of the strategic stocks may raise R6 billion which will provide the government with the financial breathing room to offer the R1.50 per litre drop in the fuel price until May.President Cyril Ramaphosa ended the national state of disaster and said that the country is ready to return to normality. The president stressed that it’s time for individuals to take responsibility.
Sentiment remains clouded by the Russia-Ukraine war, with investors worried about new sanctions against Russia following mounting evidence of war crimes committed by its forces on the outskirts of Kyiv as there were clear indications that Russian forces were responsible for the killing of civilians.U.S. factory orders drop for the first time in 10 months, orders for manufactured goods fell 0.5% in February.The United States stopped the Russian government from paying holders of its sovereign debt more than $600 million from reserves held at American banks, forcing Russia to default.
Twitter shares soared more than 28% after Elon Musk takes 9% stake in the social media company.US stocks closed higher led by technology shares with the Dow Jones Industrial Average rising 0.3% to 34 921 and the S&P 500 was up 0.8% at 4 582. Companies such as Tesla, Meta, Amazon, Apple, and Microsoft gained more than 2%.Markets in China and Hong Kong are closed for a public holiday today.European stocks closed slightly higher with the FTSE gaining 0.28%.
Gold price is up 0.35% to $1 931 per ounce, while Platinum is lower by 0.34% to $990/oz.The price of oil rose as the potential for more sanctions added to concerns about supply disruptions, Brent Crude was 3.46% firmer at $109 a barrel.
The rand traded at R14.59 against the US Dollar, R19.14 against British Pound and R16.00 against the Euro.The Euro is slightly firmer against the US Dollar to trade at $1.10.
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|Source: Moneyweb & Investing.com|